SEOUL, July 10 (Reuters) – The South Korean won
strengthened against the greenback early on Monday despite
higher-than-expected jobs growth in the United States as traders
focused more on the sluggish wage gains.
The won was quoted at 1,150.6 as of 0220 GMT, up
0.3 percent compared to Friday’s close of 1,154.3.
“Currencies in developing countries, including won, seem to
be reacting more to the lagging wages whereas their counterparts
in developed countries (reacted) more to big increase in
payrolls,” said Kim Doo-un, a foreign exchange analyst at Hana
Financial Investment.
Kim added that the won would continue to move in a narrow
range for most of the week until Thursday, when the Bank of
Korea’s policy meeting is being held.
“After adjusted economic growth forecast from the BOK comes
out, which will probably be higher than before, more offshore
investors will come in and the won is likely to become even
stronger.”
South Korean shares were slightly higher, with the Korea
Composite Stock Price Index (KOSPI) up 0.2 percent at
2,385.24 points.
Offshore investors were set to be net sellers, offloading
22.2 billion Korean won ($19.29 million) worth of KOSPI shares
near mid-session.
Market heavyweight Samsung Electronics rose 1.3
percent while LG Electronics fell 2.3 percent. Both
released earnings guidance for the second-quarter on Friday.
Decliners outnumbered advancers 558 to 245.
September futures on three-year treasury bonds
gained 0.04 point to 109.08.